IREN, formerly known as IrisEnergy, is accelerating its shift from Bitcoin mining to AI infrastructure after reporting a sharp decline in production and mining revenue. The company mined 402 BTC in its latest quarter, down from 2,039 BTC a year earlier, while mining revenue fell 88% to $28 million as hashrate dropped from 45.3 EH/s to 8.8 EH/s. Its AI cloud business generated approximately $200 million in revenue, and IREN expects to substantially complete its exit from Bitcoin mining by Dec. 31. TeraWulf is pursuing a similar strategy: high-performance computing leasing generated $63 million of its $76.2 million in third-quarter revenue, supported by an approximately 20-year Anthropic lease valued at around $19 billion. TeraWulf's operating loss nevertheless widened to $88.2 million.